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the deficit. >> the best thing for my children's future, i have two boys, one 10 years, one ten months and i'm worried about climate change and their future. we need to stop encouraging industry causing this problem, oil industry, gas and coal industries, and need to start encouraging clean energy if we ever to solve it. the very first place to stop is -- start to stop giving these subsidies. it is a no-brainer. vast majority of americans of all parties actually support this perspective. melissa: without affordable energy we have no economy. and that is for sure bad for my children. we have no jobs. we have no industry. no energy. >> why is the fastest growing new source of energy country in wind energy or distributed solar on people's roofs. melissa: because it is completely supported by the government and by my tax dollars. >> not even close as much as --. melissa: we have absolutely no money to spend on these things. do you know what they are made of. >> big oil, gas and coal are much more heavily subsidized. melissa: you and i disagree what a subsidy is, which is fine a debate for anothe
: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid o $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years when it comes to policy making, and the reason we are her
at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you get nothing after you
. >> this is a manufactured crisis. we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budget office and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, that language is a manufactured media narrative
nothing on entitlement reform, it doesn't come close to reducing the deficit, much less the $16 trillion debt, soon-to-be $18 trillion debt. so i'm not going to vote for a pan sea. i'm not going to go around washington and hope the editorial boards are happy and pat each other on the back. your viewers ought to demand a solution. and what we are going to do in the next week is a deal. and they deserve better than a deal. >> you know what is disconcerting, the millions of americans that can't afford to go on vacation that are worried about their tack pass and finances and how to feed their family and how to write those checks for the bills that they know are coming. and yet then you have members of congress and such going on vacation, even the president himself. we would all like to go to hawaii but honestly it was very upsetting. so many people i talked to over the holidays they are saying what are they doing? they should be sitting there doing the tough work we pay them to do, representing us in their various districts and states. >> the optics are terrible, but here's the reality, kimb
why haven't they passed a judgment? they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion dollars deficits every year for the past four years, and get this, we are also borrowing at this moment 46 cents of every dollar they spend in washington. on top of that social security is going bankrupt, as is medicare, and all obama is fighting for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a leader on this. he's not been serious. he's been acting weak and, of course, clinging to his radical ideology. enough is enough. maybe it's time to have the republicans call the president's bluff. let him take the country over the fiscal cliff if he so chews. republicans were elected to get the fiscal house in order. maybe it's time to stand up for your kids, your grandchildren. maybe they should dig in their heels and say they are looking out for the future and future generations. maybe now is is a time to take a principle stand and say they are not goin
to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >> absolutely. absolutely. once you know, once the boehner plan "b" collapsed, all we got was a notification, you can go home. we'll call you when we're ready. boehner's got to get off -- the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. republican congressman of wisconsin. congressman, you just heard your arizona colleague say you a
hope they never come to a deal because this is the best deficit reduction package the democrats are ever going to get. but let's look at what really is going to happen here. i would be more surprised if they came to a deal in the next five days than i was by the roberts vote on obama care. there's no way these guys are going to come to a deal, and the reason is this. the president has got the upper hand, and his most important partner is the weakest person in this, which is john boehner. john boehner is on the verge of losing credibility with his caucus. he can't take a deal to his caucus that will pass without the help of nancy pelosi, which will pull the entire deal to the left. so what they have to do is they have to go over the cliff. we're just talking about politics, we're not talking about finances here. they have to go over the cliff. that strengthens boehner's hands because now everybody is paying a hell of a lot more taxes and people are blaming the republicans, and now boehner can go to the caucus and maybe get 200 and a few votes and then with nancy pelosi pick off a
for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. tax reform and to end the washington gridlock is also on the wish list, michelle. >> mine, too. >> thanks, hampton. >>> once again, the big story tonight, no fiscal cliff deal and not even a new offer from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> welcome back to "the kudlow report." i'm michelle caruso-cabrera in for larry ku
yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part is rhettest to president the measure? >> the this the has to stop a theso threat at the first motion of a pours bill and there were members in the house unwilling to vote on a bill that the president said he's going to veto. the h
and a plan for an economic growth and deficit reduction. >> that was president obama talking with four days left in that fiscal cliff deadline saying he's hoping congress will reach a deal on this. if not, he's asking them to bring a package to the floor that will protect middle class mrns. >>> coming up all brand-new at 6:00, american families are now banned from adopting russian children. we'll hear from one local family who calls it a death sentence for thousands of small children. >> before you get to work on your next home repair project, we're warning you about the dangers of trying to do it yourself. now a preview of what's ahead on world news at 6:30. >> the 11th our deal or no -- hour deal or no deal. tonight the track of the storm and where it will hit. >>> the nation is mourning the loss of the man who led allied forces in the gulf war. norman schwarzkopf was credited with winning the war and the public's imagination. >> reporter: in 1990, norman schwarzkopf was a little known general looking ahead to requirement -- retirement. then he led into the face of the u.s. counterattack,
and services among consumers, they are chronically bad at creating a surplus between deficit regions. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduct of that -- conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. the banker is the same thing as a clothes maker. suddenly, there are two things that must have been. 1 -- society will demand that banks are not allowed to go to the wall. then bankers are affectively blanche, free money for themselves. and the whole mechanism breaks down in 2008. in the eurozone, we made a huge error in europe of binding together these economies. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. what is it that keeps the united states together? you had a great expression in the 1930 -- you had a great depress
but the debate over the deficit and the debt that is behind this? >> well, if you go back to 2001 and thereafter, the cost of the war was not included in the budget except the military and the defense budget. but the additional costs were not reflected in the budget. there were always supplementals. so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right now. people might have felt differently if they had felt the pinch right at that time. we would have asked different questions and were asked, and i think that is one of the reasons we got where we are. and it's where we are. >> on appropriations could you have been any more vocal about it to provide us getting into t
the deficit and really end our national debt. potentially, a significant blow to the obamacare controversial o contraceptive mandate. the eighth circuit court of appeals in the preliminary injunction to stop the mandate for being enforced against the missouri catholic businesswne owners.the li the list of statesst o now, refg to set up state-run health care exchanges for insurance. it is growing. arizona becomes the latest to telling federal government but it will have to assume the burden of operating the exchange and the cost and the supervision, perhaps even running backstage, bringing the total number of states refusing to set up an exchange under obamacare to 17 states. ten other states remainm undecided as to the course they will take or it will be state, the way, the 17 states havenow e republican governors.ppellate we are joined now by peter johnson. it's great to see you. >> thank you for having me, louu dobbs. lou: what is your reaction totie that injunction against the contraceptive mandate? >> it is a surprisingri, injunction. they lost below mr. pringle bryant and his company.y th
in a nation with $16 trillion of debt, with an annual deficit of more than $1 trillion by simply talking about raising revenues of the top 2%. you can take all the revenue, all the revenue from the top 2% and you simply could not close the annual deficit. that's a challenge. it's a challenge and it's a place where senator jim demint has led. senator jim demint has led in a way that few others have led and he's been consistent, he's been transparent and he's been succinct, and that is why there is no way to fill his shoes. there's no way to have another jim demint in america. i'm so thankful that we in south carolina, we don't lose jim demint, that we see jim demint go to a bigger, greater opportunity. there is no one else in south carolina than lindsay graham. senator graham has served his state incredibly well. he understands the foreign affairs are real like no other. i look forward to learning more about foreign affairs from senator graham. i will also say that over the last two years i've had the privilege of gaining a new family. some people don't think we look alike, but sometimes we do.
agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose services. 8,000 fewer californians tested for hiv. 296,000 students could see their benefits cut and emp
, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts ulr the defense department and peher government programs. it looks like those cuts will go forward. what the president said today is 24 hours from now the senate leaders have to have a plan that deals with income taxes at a rate to be determined later, the threshold of that income-- and some federal benefit. and if they don't reach a deal, he will have his own plan "b." >> if we don't see an agreement hetween the two leaders in the senate, i expect a bill to go on the floor, and i've asked senator reid to do this, put a eill on the floor that makes tare that taxes on middle class families don't go up, that unemployment insurance is still ploylable for two million people, and that lays the dioundwork then for additional deficit reduction and economic growth steps that we can take in ane new year. but let's not miss this deadline. neat's bare minimum that we should be able to get done. >> reporter:
trillion in spending with deficits and increased. it is the economy. lou: it truly is. and i want to also if we may put up the cartoon. we do this very elegantly here. please put up the carto. the envelope. i just wanted to see that. it is great. the corner from the nation of achievement, mainstream america usa to the nation of entitlement . i mean, that s to meet not only with the committee is brilliant. can we put that back up? i want to show you something. some might mess in that cartoon. if you look at the stamp in the upper right, and $0.0. it is a food stamp. i have to say, we are looking at a president who is willing, as you know, an ssistant on $82 billion of tax increases on the so-called wealthy, the top@ 2%. and that is going to amount to just about nine das, almost nine days a lot bring the federal gornment's. more andmore absurd proportions >> it really is absurd. when you think about it, the deficits cast, over a trillion dollars for e next four years. freckly this will add $80 billion a year. it is nonsense. it is a parody of reality, and the bld is not responsible about t
, we, republican are not trying to solve the fiscal cliff. we're trying to solve the debt and deficit. can you explain that? >> sure can. yeah, the white house has been very focused on what do we have to do to just get past the fiscal cliff. let's get over this bump and keep spend and keep going. in the house we're actually trying to solve the debt and deficit. let me illustrate this. we have a trillion dollars in deficit spending last four years. president says let's go back to the clinton levels of taxation. if we went back to the clinton levels of taxation we're still double the highest bush era of deficit spending still because spending was accelerated so much in 2009 and 2010. we're trying to bring the spending levels back down. on the contrary if we just brought the spending levels down to the clinton level spending instead of tax level going up to clinton level of tax it is would solve this. we're trying to solve the debt and deficit. we're trying to say how do we get out of debt. the president is saying let's get past the fiscal cliff and let's keep moving on. that doesn't sol
taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the idea of taking away their benefits they have paid for if just because they happen to be more well off. and issued the first caller raised and something to watch is this could really sort of set the tone for the president's second term. if this thing gets ugly and stays ugly, it's probably going to stay that way at least another year or two, and the next thing you know, he's a lame duck president. if we cut a dea
trillion in deficit reduction. we need to stabilize the debt and work it down is a package of about $4 trillion over ten years. here we are today, december 19, and these law changes which i referenced earlier, the end of the bush era tax cuts, the dreaded sequester, across the board cuts of $1.2 trillion in spending will begin to take effect the first of next year. the good news is the white house and republicans have been trading proposals and at least yesterday appeared to be moving closer together. i would have much preferred that they would be talking about a bigger package than they've discussed but nonetheless to reach a package that would resolve some of these issues would be an important step forward and i think help promote certainty that would be important to our economy. on the revenue side of the equation, i just want to remind you what it's taken in the past to balance the budget. we hear talk on average revenue is in the 18% of g.d.p. range n. getting back to average you will should be sufficient. the problem with that is we have never balanced the budget in the last 50 y
the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> wow. ten days. so, will the fiscal cliff solve in ten days? i know there's a deal out there some place it may not be until january, but let's ask our free market friday panel what they think. we have the columnist for the hill and former dnc communications director katie pavlitz. and mr. greenhaus is going to stay with us. all right, katie. first of all, obama basically said in ten days we can get a deal, it sounds like a small deal, 250,000 is the middle class threshold after mr. boehner's plan "b" got defeated. is such a thing possible? or will we have to wait until the new year? >> we're probably going to have to wait until the new year, unless, of course, president obama comes back with this new plan -- the original plan that he had, which as you mentioned the $250,000 threshold. the fact is that boehner and obama's proposals really aren't that far apart right now. president obama wants $1 trillion in new taxes, john boehner has said he's willing to give $1 tr
that they have worked with me over the last two years. to reduce the deficit more than any other deficit reduction package. >> mohammed aladarin is the ceo of pimco and mark zandy is a chief moist at moody's analytics and joining me in studio is christine romans. the gdp for the u.s. grew at 3.1% over the summer. that's more than double the rate of the previous quarter. you can see the chart, it's been choppy, but it looks like we're going in the right direction. america's economy is gaining pace, doing better than expected. and we've been saying the 2013 could be the year of a real economic renaissance in the united states or at least the beginning of one. talk to me about the consequences to our prosperity if washington doesn't reach a deal. >> the consequences are not good. so what the numbers are telling you is that the private sector is healing. and if the private sector were left to its own devices, it would heal faster. unfortunately, washington is getting in the way. and what we find out this week, ali, is that the problem is not just a lack of trust between democrats and republi
congress is on pluto and we're all on earth. they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax increases. they don't want to
for further work on both growth and deficit reduction. >> jared, is this actually a setback for the president in so far as the embarrassed speaker with someone at least with whom he was dealing? and now, the president really doesn't have a negotiation partner? >> i do think it's a setback from the nation because the president and speaker boehner were actually moving to a credible, plausible compromise at the very beginning of the week. of course, that's horribly off track now when john boehner decided to go to plan b. i think the president's lever raj, if anything, is enhanced by this. the problem is that i don't know why republicans would nibble at this idea of essentially passing the senate bill. that's what he was describing today. sometime before the end of the year. then they can have a massive tax cut for the broad, middle class and call it a day. >> the prospect of a grand bargain is absolutely gone for the near turn. there's no way they can craft that in the few days that they have between now and the end of the year. that doesn't mean that next year, they won't be able to sit down an
an agreement that will grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it's the right thing to do for our families, for our businesses and for our entire economy. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy it would be bad for middle class families and it would be bad for businesses that depend on family spending. fortunately congress can prevent it from happening if they act right now. i just add good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both h
were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next decade? >> you know, this conversation means exactly what is wrong in washington. i mean, just listen to the conversation you just had. it is he said/she said, blame the other guy. and, look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion, by taking the offers that are on the table. speaker boe president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed, even in his own caucus. but now -- >> you are not answering my question. >> yes. because i'll tell you, something, because we only have nine days left here. whe
the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that spend, depend on family spending. fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mccon
with speaker pelosi, the twin deficit the job and the budget deficit. lori: we don't hear that. we have breaking news. urinalysis is a fascinating. deschutes your analysis is fascinating we want to have you back again. tracy: and 14 major ports that are being threatened to be shut down. we will get the latest. lori: also confidence in the global economy is higher suggesting people are picking up more security. we are back after this. she keeps you guessing. it's part of what you love about her. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, ashis may cause an unsafe drop in blood pressure. do not drink alcohol
in a second. >> proposal to get our deficit uncontrol, avoid tax cuts, or avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending but also asks the wealthiest americans to pay more, proposal that will strengthen the middle class over the long haul and grow our economy over the long haul. during the course of these negotiations i offered to compromise wit republicans in congress. i met them halfway on taxes, and i met them more than halfway on spending. in terms of actual dollar amounts we're not that far apart. as of today i am still ready and willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our econy and the confidence of our businesses. i remain committed to working towards that goal, whether it happens all at once or whether it happens in several different steps. but, in 10 days we face a deadline. in 10 days under current law tax rates are kedcud you would to -- scheduled to rise on most americans. even though democrats and r
it is still confident it can cut its deficit to below the you-mandated level. a german power utility is cutting 1300 jobs as part of a 750 million euro cost-cutting program. >> it is germany's third biggest power company. most of the job losses will be among support and administrative staff. the company has struggled financially from having to shut down to below of its nuclear reactors over safety fears in the wake of the fukushima disaster. >> ratings agency standard and poor's has downgraded cypress again. its sovereign debt already has junk status. now it has gone down two more notches. >> cypress says it needs a decision on an international bailout within days to avoid a default. international monetary fund says talks are unlikely to be concluded this year. it needs the bailout to save its banks, which are heavily exposed to greet debt. well, germans are losing their appetite for spending money. consumer confidence has fallen for the second month in a row according to market research group gfk. >> they polled 2000 german shoppers and on the 0 digit overall economic picture, their
among developed nations. abe has pledged to halve the fiscal deficit by march 2016. the new government intends to finance its spending without borrowing by fiscal 2020. they hope to achieve the goal by cutting expenses. this would involve squeezing social security costs. all eyes are on whether the government will cut pension payments. japan also plans to double consumption tax to 10% by october 2015. but the international monetary fund says a minimum of 15% is needed for full fiscal rehabilitation. the new government says it will first tackle economic recovery and plans to draft an extra budget for the current fiscal year. >>> populous, prosperous, pushing ahead. china's rise brought it wealth, power, and problems. an income gap divides its people. pollution threatens their health. and disputes at sea strains relations with its neighbors. find out the challenges china faces, on "newsline." >>> traffic in china is said to be more of a free-for-all than an orderly procession. motorists often ignore other motorists and pedestrians too, and the pedestrians also play fast and loose with th
economic position, driving away tourists and investors, stopping growth and pushing up the state deficit. that israel has approved the construction of 940 new homes -- >> israel has approved the construction of 940 new homes on the outskirts of jerusalem. for palestinians, the land as part of east jerusalem, which would serve as the capital of a future state. they say settlements there violate international law, but israel says it is an integral part of jerusalem, which it sees as its own capital. israel has been pressing ahead with plans to expand settlements since the palestinians were granted observer status at the u.n. to russia has put in place the last section of an oil pipeline from eastern siberia to the pacific. that is a link up that is now almost 5,000 kilometers long. >> the massive project is russia's oil fields direct access to key markets in japan, south korea, taiwan, the philippines, and the usa. >> after six years of construction and around 21 billion euros, the pipeline is complete. russia hopes it will be able to expand sales into the u.s. market. it also wants to sel
on the wealthy, along with measures to cut the fiscal deficit. talks between democrats and republicans came to a standstill last week. a deal still remains uncertain. the republicans canceled a vote on their compromise plan. that's because many republicans remain opposed to any kind of tax hikes. >>> china has opened what it calls the world's longest high-speed rail line. the railway links the capital city of beijing and ghangzhou in the south. shun ishibe have more. >> reporter: the first high-speed train for beijing is about to leave guangzhou south railway station. many passengers are carrying coats, because the temperature in beijing is about 20 degrees centigrade lower than here in guangzhou. the new line stretches nearly 2,300 kilometers, including a section already in service. the trip between the two cities will take about eight hours instead of the current 20 1/2 hours. china says it developed the high-speed train line on its own based on technologies used by japan's bullet train. the launch of the new service expands china's high-speed railway network to more than 9,300 kilometers
-class families that are already facing a real financial panic. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president reach a deal. if they don't reach a deal on december 31, which is my prediction, i believe sometime before the end of january, they will reach a deal. but my goodness. one of the things that is frustrating is we have known this day was coming for the last two years. yet here we are, 72 hours away and we don't have a resolution. gregg: this is a contrivance that they are desperately trying to fix. our member the president said in a debate, the debate, he said that i didn't come up with this. then bob woodward came out and said, yes, you did. you know, both
deficits, it is very hard to say that there should be a substantial increase of foreign aid when we're talking about going off the fiscal cliff and we do not have enough money to do some basic things with we should be doing at home. i think this is the worst possible time to do it. in general, we're underfunding in my estimation foreign aid. we do foreign aid because it is the right thing to do, but it is the right thing to do for the united states. we need friendly countries around the world, we need countries that emulate us. we have much to share, much to give to the world. i think it helps the united states. it also helps stimulate our economy. some of the aid we give is put right back into our economy. >> when we're talking about the fiscal cliff, we heard so much about spending and revenues over the next decade. is the best scenario over the next decade merely a maintenance of existing foreign aid? >> certainly we should maintain it. we have in fact cut back on foreign aid. at the very least, we should maintain it. i would like to see if we get to a place where we can have som
on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> congress is also in recess until after christmas. in his weekly address, house speaker john boehner accused the president and senate democrats of failing to offer a responsible solution. boehner's own proposal had to be pulled this week after he failed to get enough support from fellow republicans. >>> and the national rifle association promised meaningful contributions to avoid another tragedy like the one in newtown, connecticut. friday, the gun rights group unveiled that plan. nra executive vice president wayne lapierre says the u.s. should put armed guards in all schools. the comments came one week after 20 children and seven adults excludeing the gunman were killed in one of the worst mass shootings in u.s. history. >>> and what was a poorly guarded secret in washington, john kerry nominated to the next secretary of state. susan rice was believed to be the first choice, but she pulled her name out of the running after several members of congress attacked her responses to the
. what will this mean for the economy? what will it mean for the deficit if this small deal, mini deal is passed? >> well, that could be a big problem because basically he's left out a lot of critical issues. the sequester. we didn't hear him talk about that so we don't know how they'll deal with the automatic spending cuts and defense. and he didn't talk about the physician payment issue. physician under medicare are expected to get a 30% cut at the beginning of year. we don't know how that will work out. >> and he didn't say anything about the debt limit and this is one of the things he wanted in this fiscal cliff deal. by leaving that out, are we in for another big fight next year? >> it certainly looks like it. it seems to be-- and i've heard this from many people-- that republicans think that the debt limit is their best leverage to get deep spending cuts. they didn't want to give it up in these negotiations. it certainly-- it looks like it's too radioactive to deal with in the next 10 days. so beginning in january and february, we're going to have a fight over the debt limit. and
per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes, there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs, cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that they could that the fiscal cliff deadline lapse and then in the new year try to look at it in january to reduce tax
and lays the groundwork for further work on both and deficit reduction. >>pam: house speaker john boehner failed to gain enough of his party's support for his "plan b". that proposal would have raised taxes only on those americans making more than one million dollars a year. without a deal, steep tax hikes and massive government spending cuts are set to kick in after january first. as the fiscal cliff countdown continues. house and senate members and president obama. have all recessed for the christmas holiday. >> the ninth circut court of appeals today blocked a california law which bans the controversial therapy. that aims to turn gay minors. straight. the three judge panel issued an emergency order, to put the law on hold until the court can hear further arguments. the law. which governor jerry brown signed in september, was set to take effect january first. it would make mental health professionals who engage in efforts to change a clients' sexual orientation. subject to discipline by state licensing boards. >> jacqueline: there rainfall continues with the center showers and more for
on their way to victory number 19. instead the lakers overcame a fourteen point deficit in the fourth quarter to force overtime and eventually beat the warriors for a final score of 118-to-115. jarrett jack led the way for the warriors scoring 29 points and david lee added another double-double to his tremendous season. still the lakers proved to be too much. steve nash hit the game winning field goal in his first game back after missing almost two months. saturday night isn't usually reserved for nfl games and jerry rice's single season receiving yards record doesn't ever get broken. until now. detroit lions wide receiver calvin johnson entered the night only needing another 181 yards to eclipse the mark. the lions ended up losing to the atlanta falcons 31-to-18 but johnson finished the game with 11 catches for 225 yards. that gives johnson 1,892 yards on the season with one more game left to play. legendary receivers after playing only six seasons in the nfl. jerry rice set the record back in 1995 with 1,848 receiving yards. a record which many believed would never be broken.
so we're not in a deficit situation. >>> currently lexington reservoir is 60% full. yubas is 90% full. >>> the sierra is get ago good dusting of snow and a lot of skiers and snow boarders are heading out that way. as you can see though the roads are a little bit messy. in just about 10 minutes we'll have a live report for you from the foothills on the difficulty getting up to the slopes. >>> and remember you can always get up to the minute weather and traffic information on ktvu.com. the information is always available on ktvu's mobile site and mobile app. >>> police are investigating a homicide in west oakland it happened around 2:30 this afternoon near 24th and chestnut streets. the victim was taken to highland hospital where he was pronounced dead. neighbors say they heard several gunshots. our photographer on the scene counted more than 20 bullet casings at two different crime scenes. >>> it has been five years now since that deadly christmas day tiger attack at the san francisco zoo. ktvu's david stevenson reports on how the victim's family is coping and how that attack led to ma
in a deficit situation and we really needed to make up some ground. so luckily we have a lot of ground water storage capacity. we maintained that throughout this year and this series of storms has really helped us with our surface water storage. >>> right now lexington reservoir off highway 16 is 16% full. yubas is 17% full and the largest anderson reservoir is 41% full. >>> in oakland police are investigating multiple shootings including a homicide which happened this afternoon. neighbors near 24th street and chestnut neck west oakland, they heard multiple gunshots at about 2:30, our photographer accounted a total of 20 shell casings on the ground at two different crime scenes in the area. we are told that the victim is a man but his name has not been released there is no word on suspects or arrests. >>> in oakland they're investigating a shooting that injured two inside of a church. they were shot by stray bullets around 9:00 last night. most people are in stable condition right now. police say they have no suspects at this time. >>> a 24 hour strike by union nurses at nine bay area hospit
with reducing the budget deficit and reducing public spending. we have too high level of public spending. and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not be -- not present people to invest in france because they might be afraid of a lack of visibility on the taxpayers or too high taxes. >> but do you think it's sending the right signal to investors when it's threatening to nationalize a factory? >> no, certainly not. these are not the right ones and clearly what an investor needs is, again, confident. immediately going forward, illustrate will not suffer from taxes or a potential threat. the message should be positive for investors, not just fr
, as well. now, the government has been running huge deficits for a while. >> i still find it fascinating looking at the basis of the actual market. given as you say we're about to enter a recession again. you brought a very, very divided and different government scenario which hopefully will be sorted out. but whether or not the japanese underperformance on the nikkei is going to continue, as well, given the comments we've had about the stimulus will flow into the economy. >> the japanese economy is still or at least the large companies are still very export oriented. if the yen depreciate appreciations, that should improve the chances for japanese companies to gain market share all over the world and that should improve earnings prospect, too, and drive up shares. i see that quite simplistic and there is upside if the yen really tanks. of course, we have to keep the currency movements in mind if you're an international investor, of course, examine japan, of course, has a domestic economy, too, which is likely to remain quite weak. that is the down side, as well. all other things being a
sets the borrowing limit at $16.4 trillion. the national debt rose because of a series of deficit-covering bonds were issued. the government and the republican party are at odds over the issue. the political stalemate in the summer of 2011 over raising the debt ceiling caused a plunge in stock prices. standard & poor's, the american credit rating agency, has downgraded u.s. government bonds from the top ratings for the first time. here are the latest market figures. >>> the chinese are trying to go head-to-head with the americans in the multibillion dollar sat nav business. their new navigation satellite system or bds is now offering service in the asia-pacific region. >> translator: bds will be used for both military and civilian purposes. it is useful in setting up china's national defense. >> chinese government representatives say the country has launched 16 satellites for bds. they say they plan to put several more into orbit to expand global coverage by 2020. bds is designed to compete with the u.s. global positioning system which has a lock on the consumer market. officials
work for future corporation by more economic growth and deficit reduction. >>> with no agreement on the fiscal cliff extended unemployment benefits expire tomorrow for 24,000 unemployed californians. one woman says she's been out of work for two years. she said if it weren't for the long term unemployment benefits she doesn't know how she would get by. >> not being able to put food on table. not being able to pay my bills. >> those individuals and families are on their own to figure out how they're going to have an income until they have go on and have a job again. >> reporter: 1.2 million americans could lose their extended unemployment benefits nationwide. >>> cloudy and cold, all day across the entire bay area. now we're adding some rain showers to the mix. here's a look on live storm tracker 2 radar. the greens indicating light rains on the increase. even if you're covered in the green, things are changing as you can see down toward the san mateo coastline. already reporting of some light rain right around the pacifica region. right around san francisco, right around sausalit
budget deficit. >> the japanese fiscal cliff will be larger than the one in the united states, because japan's financial burden is considerably heavier than the other developed nations. in order for japan to put its fiscal house in order to, japan is launching a tax hike soon. there's one important condition for japan to do that. that is to observe stable growth by the time the taxes will be raised. this government, it has to be eager to boost its economy so that you can see an uptick of growth in the first half of next year. >> toyota is having its largest ever safety crisis, but it will cost more than a billion dollars. japanese automakers selling with customers in the u.s. will say that their vehicle suddenly exploded for no reason. about 16 million vehicles were sold between 1998 and 2010. investors are relieved the payout was not even bigger. shares ended the day a little in tokyo. -- up a little. israeli-arab politician is appealing to the supreme court after she was barrestole the american dream, thursday, 30 eastern, 7:00 p.m. pacific. >> welcome back. a reminder of our top sto
-14 and 14-15. the mayor's office is currently projecting a 263 million dollar deficit for that two year period and that shortfall results from approximately 344 million dollars in known cost increases which is offset by 81 million dollars in estimated revenue growth over the same period. as always, this gap will have to be closed by the time the mayor submits his report, general funding departments reduced our budget, our general fund support by 3% over the next two fiscal years and they've asked us to make a 1 and a half percent cut in 13-14 and a 1 and a half percent cost in 14-15, the budget reduction targets that we received from the mayor's budget office are 465 thousand dollar reduction next year and a 558 thousand dollar reduction the next year, so in the scope of the budget reduction that they have received over the last three or four years, this is eminently manageable. two years ago, we were asked to make a 20% budget cut, so this is something that feels like we can accomplish hopefully with relatively little pain. we would hope to meet this 3% target as well as any cost inc
but the result of budget deficits across the board and i think they have born the massive bruntd of this within the technology world. >> i agree. >> finding number four -- the finding we were asking to react to. another consequence of dt for departments and participate in city wide initiatives and give up operational independence and for this i state that i agree. because other departments haven't had full faith in dt and not willing to give up operational independence. >> i would agree with that and i think that talks about the structural things we were talking about and structural issues and i look forward to the dialogue going forward and i think there are changes to be made here. >> number five and coit policies and changes and not communicated effectively to the mayor and coit and for this i would -- actually i think i partially agree. i would say partially disagree and i state while coit policies and city wide initiatives are communicated clearly there is no follow up or deadlines to carry out policies and initiatives. number six. this was set by an administrative code change i lghtde
? supervisor kim: the budget is tough this year. even though our deficit is not as large as it has been, it is tough because we have made these cuts already, and did this point, we are cutting things we really do not want to cut. and it is painful. we will lose more potential services. we will also not be able to support our residents. we are looking at weekend meals for seniors. it is painful. i think we have to look at it as a combined approach. it has to be cut within city government that we can bear -- services that are less essential. second, you have to look at raising revenue in the city. i think it needs to be a combination. and third, need to be much better informed, and we have to ask our public employees to look at the budget. and they already have, but also to look back. it is a threefold approach to me. >> what are the city's housing needs him much of the board of supervisors to to address them? supervisor kim: it is tough, because we depend on the market to build housing for our residents we build at over 150% of the need. we are building over the need of the market rates.
on more economic growth and deficit reduction. >> reporter: house speaker john boehner was at the white house summit. so far, he's not made a statement about the measures discussed. we're hearing the president does did not float a new deal but reiterated his calls to extend tax cuts for people making less than $250,000 he also wants to extend unemployment benefits for 2 million people and delay $110 billion in sequester cuts and that is a story we'll follow all weekend long. back to you in the studio. >> and thank you very much. >>> essentially, we remain in a stalemate tonight and congress returned yesterday to the senate, the house will be back on monday and they have three days to work it out. >>> and turning our attention to the other big story to the day. snow coming to the d.c. area and should start to see the white stuff coming overnight. gary mcgrady is joining us now. how much can we expect? >> reporter: not a lot. pardon me, tom. but we will have a little bit coming on across and looks like an accumulation here in the city. first of all, i want to assure you that this is not a
deficit is 16 trillion and climbing. to retire the debt every american would have to pay 50,000 dollars. but garcia says you got to start somewhere. especially when washington won't. the partyson bicker -- partisanbickering bothered him since 1992 when he suggested a formula tee limb nate the dent. the depression era kid and army vet says he is giving back to can i try -- country that's given him so much. his daughter is collecting cans at work. his grandson drives garcia to friends houses just to collect more cans. garcia knows that his monthly money orders won't avert fiscal cliff. but that's not the message he is sending to congress. >> to really solve the 16 trillion dollar national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end. and it might as well be here. c. n, san antonio -- cnn, san and he toneo texas. >> -- san antonio texas. >> i think it's great if you feel like tough could something, go ahead and do it. >> he is doing something instead of complaining about it. >> exactly. >>> sta
. that is discouraging to america's ceo's. >> we still have the big problem of how we are going to fix our deficit and debt in the country. we know the parties have to work together, and we know we have to resolve this as quickly as possible. >> wall street is keeping a close eye on talks in washington. analysts are worried that any delay could rattle already fragile markets. >> two weeks after the tragedy at sandy hook elementary, the topic of gun-control has heated up at the state and federal levels and as talk of legislative action increases, so do gun sales. then sales have spiked across the nation as people are buying guns that are now legal but may not be if new legislation passes. maryland is no exception. there were 7200 applications in november, but following the shooting, those numbers do to be spiking. >> we do not have part numbers for december but we believe we are looking at over 8200 purchase applications. >> in 2011, more than 46,000 purchase applications were processed. by the end of the year, police protect 62,000 will be handled. a man remains in a coma after being beaten at a h
on both growth and deficit reduction. >> the president's solution of raising tax rates would be red ink as far as the eye can see. and it would hurt jobs. >> if congress fails to reach any agreement in con-- income tax rates will go up on about everybody on january 1st. unemployment benefits will expire for many as well. >>> the u.s. senator arrested for driving under the influence says he is "deeply sorry" for what happened. police say that michael crapo was pulled over early sunday in dc for running a red light. he he was arrested after failing a sobriety test. he has been released on bond and he is a mormon from idaho and has said in past interviews he abstains tans from drinking because it's prohibit -- from drinking abtans interest -- abstains from drinking alcohol because it's prohibited by the church. >>> bolt a man has been -- a man is 36-year-old gregory stegall and a officer was on patrol when he noticed a suspicious man behind the shell. he asked the man to come out from behind the business and he refused and police say he threatened the officer with a knife. the man was shot
for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. >> the president's solution of raising tax rates would be redink as far as the eye could see and it would hurt jobs. >> president obama says that he will cut his holiday vacation short and try to hammer out the deal with congress. law makers are expected to return to washington later on this week to continue the negotiations. >>> well it's christmas eve and guess what, not everybody has done their christmas shopping. as i am suspecting you are the ones guilty of this. our floor director here a woman, she says she has not finished either. so if you are one of those procrastinators, you are not alone. millions of people are expected to hit the stores. abc2 news linda so is live this morning at the mall in columbia with those last-minute shoppers. i can't believe so many people wait so long linda. >> reporter: i know. i guess it's exciting for them. i don't get it i was done on black friday and i am not bragging but again some people like to shop under pressure. you know macy's and the
of spending. stuart: look at $1 trillion deficit every year the last four years. >> the budget control act koch $1.5 trillion in spending. stuart: don't you get it? >> over ten year period. [talking over each other] stuart: i insist on this. president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to proceed forward. stuart: what we need more than anything else is to stimulate the private sector and you don't do that with more spending and we need to control long-term entitlement spending. we have to reform entitlement programs. that would fix things. stuart: i agree with you on a ladder but not the former. stuart: where's the president's reform program? >> that pr
and the things we need to get this deficit and debt under control. it's about getting the economy on track and also getting the deficit under control. adam: you are a moderate, highly popular in the state of north dakota, and you have compromised with both sides on these issues, but the vast majority of the public looks at congress, all of you, the house of representatives and the senate looking at you guys with disgust. is that coming across in the halls of the capitol? do the people there understand what the people out here, the 310 million of us consider when we think about the political leadership? >> i think that is absolutely what's pushing the negotiation why we have to stay at it. as i said a minute ago, i'm in the camp where we have to continue to push until we get the job done. i'd like the big deal now. if we don't get the deal, get as much as we can and continue to go after the things we're talking about, the reforms and the savings, that we need. adam: senator, we appreciate you being with us here on fox business. while president obama and the congressional leaders work or app
-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's getting rater potent and driving this market. are we now seeing that shift, we are talking about over four and a half billion shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb above 2% anytime soon. it makes a great deal of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is n a point change. lou: he being ben bernanke, president obama has to figure out whether or not he going to change. i want to read
, the fact we've had four straight years of trillion dollars plus deficits, when the president says he wants to raise taxes on those $250,000 or above, that only generates $850 billion over the next ten years. we have had 1.422, 1.29 and on the way to another trillion dollars deficit for these years. what the president is proposing is not pragmatic whatsoever and really is a reflection of him i suppose living in a fantasy world. >> what do you think the deal that speaker boehner offered the president? >> well, i was against the plan b because i don't see this as being a tax revenue increase issue. most important is spending. we could georgia back -- go back to the simpson bowles commission. the most important thing, we have to deal with spending. we live in an america where the federal government now is spending 25% of our gross domestic product. when you study the obama budget that would increase to 32%. that's where the problem has to i am emanate from. the spending side of our budget is 62% of what we spend money on. it's not just about defense or discretionary. >> is there any indication
, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> joining us now from capitol hill. south dakota republican senator john thune, a member of the budget committee. so, senator, what do you make of the president's plan? >> i'm just glad the president is engaged. you can't do big things in washington, d.c. without presidential leadership. that's what we haven't had. the fact that he is now owe table. better late than never i would argue. at least he is at the table presenting something that wl give us a chance hopefully to get some bipartisan support in the senate and perhaps get something to the house that will avert what everybody agrees is a major economic disaster. but we're still waiting for the details and obviously there is a long ways to go and this is a very -- there is going to be a tough needle to thread in order to get this done. >> see, i don't understand why the democrats think that this is an economic disaster going off the cliff since really it's just a democratic agenda. cuts to defense and higher tax
that we will see a lot. he committed to trying to do something meaningful in the deficit. >> laura: did you you say meaningful in the deficit. wait a second. i have an audio problem. a what? >> i'm sure brad will correct me when comes up. you will see efforts on immigration reform and gun control and the biggest trade deal in the last generation. the pivot to asia and other foreign policy. >> laura: going to do all this by eg executive decision becaue last time i checkle he still had a republican house. >> stop the extraordinary fiscal cliff negotiations and go back to regular order and pass a real budget and provide an alternative. >> laura: the democrats also might take that advice to pass a budget. >> stop the games and go back to committee process and let paul ryan do his job and have the big debate. >> let's go to you brad on this. i say this to my republican friends. though are all upset he will do executive fiat and rule making. elections have consequences the old cliche quicks in and it is clear that the president s aggressive and he will use every means at his dice posal and if
house released includes this paragraph. seek a bald approach for bringing down the deficit with $3 in cuts for every one dollars in tax reform that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the $2.4 trillion in it cuts and he has not been willing to do that. so the last ditch effort the hail hary pass was the house of representatives saying fine let's take nancy pelosi and chuck schumer's bill that they proposed this summer to extend the tax rates on every household and every small business a million dollars and below, allow them to go up on the million dollars and above which is the current law on january 1, let's do that. that ought to be somethin
. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all of the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight this the president is determined to win off his election? >> it's not symbolic. there will be money raised if the taxes are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table an extraordinary amount of spending cuts to the chagrin of many democrats i might add. are they to the ext
deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i might add. are they to the extent the grand bargain was several months ago last
the groundwork for deficit reduction and the president saying he remains hopeful that something can get done before the all-important january 1st deadline and i am told by sources at the white house that this will be a working vacation for the president. >> working in terms of what you have just learned kristen, and that is that the president, i understand, will be going to a memorial service for the late senator daniel inouye. >> reporter: that's right. president obama and the first lady will be attending that memorial service tomorrow. as you remember, on friday president obama spoke at a memorial service in d.c. for senator inouye. he praised his service as a world war ii veteran, praised him for his long service in congress and also talked about the fact that he has a personal connection to senator inouye, president obama raised partially here in hawaii. he called the senator one of his earliest political inspirations and talked about the fact that as he traveled to the mainland as a boy of 11 years old he watched senator inouye in the watergate hearings. we don't expect president obama
much deficit reduction too fast. so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i
a $6 billion surplus when it comes to exporting services, and a huge deficit when it comes to manufacturing. so the -- the finance done correctly which is figuring out how to mamp capital with good -- match capital with good ideas is important and having complex innovations in that is important for america's system. the problem is short termism, short term thinking, where finance comes come in and bankrupt companies for short term gain rather than thinking what's the viable, long term model of a long term rate of return? i think that has to do with corporate governance laws for incentives and structures that don't require -- that incentivize managers to make long term decisions rather than maximizing just the quarterly shareholders' profits. >> did you see the incentives that could be changed to emphasize smallness rather than bigness? >> absolutely, and i thinking the -- a lot of the department of commerce is programmed to help small and medium sized businesses. there is the best -- i took 50% of the jobs in manufacturing are small and medium sized companies, and small com
of more economic growth and deficit reduction. guys, i can hear you over here. i believe such proposal could pass both houses with bipartisan majorities, as long as those leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we should let everybody vote. that is the way this is supposed to work. if can you get a majority in the house, then can you get a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. america wonder yes it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything always has to wait until the last minute. well, we're now at the last minute. and the american people are not going have any patience for a politically self-inflicted wound to our economy. not right now. the economy's growing but sustaining that trend is going to require elected officials to do their jobs. the housing market is recovering but that could be impacted i
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